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Everything posted by _w_

  1. He has none now, two weeks ago monetary policy in this country was entirely politicised and the bank's independence ended. What GB did in part Cameron did in full.
  2. It is a key task of a central bank to lie to the public, to inflate without them knowing in particular. It's their job. They are not supposed to be caught lying though. The termination of the central bank's independence by the bankers in government probably explains this particular moan and claim to have been doing 'the right thing' all along.
  3. Having an empty shop is bad enough. This one makes me think of a beggar with a sign that says "ten pound notes only."
  4. What a gutless hypocrite. "Deputy Governor Paul Tucker said inflation was allowed to soar as part of a desperate effort to prevent another recession." should read "inflation was engineered to soar" "Mr Tucker said life would have been even tougher if the Bank’s monetary policy committee had hiked interest rates." should read "if the Bank’s monetary policy committee had not lowered interest rates to nothing and injected tons of money." The gutless wimp would like to pretend it sort of happened outside of their control. What happened to brave and honorable men in this country FFS.
  5. We may yet see all European and UK banks nationalised. I can't wait.
  6. That's one of the books I'm reading at the moment, I reached page 89 but did not get much insight from it and so put it on the back burner. It sounds like I made a mistake. Thanks.
  7. With a few exceptions I'm stuck with the 20s and 30s for all encompassing macro data. It makes it hard for me to extract rules, if you have some book(s) or reference material that you could point I'd be grateful.
  8. Yes but (sic:-)) WRT trade barriers this time we've made ourselves unable to erect them via international treaties and such (GATT, WTO,...). Although it is little advertised, we've lost much of our sovereignty today, to an extent that bears no comparison to the 30s wouldn't you say?
  9. They doubtless did it again and on borrowed money , pavlovian wildebeests e.g. smart money and all that.
  10. If BOE prints more than ECB then rates will be lower but the currency (pound) will eventually pay the price.
  11. Or more succintly: the process is not bottom up but top down.
  12. This doesn't have much to do with values or morality, if anything. The policy is to stop the boomer generation from having to delever. It would hurt asset values and undermine the FIRE component of the economy that is currently running / ruining this country. It's not about popular values directing policy but about a small group of people protecting their interests (and buying 10 bathroom mansions in the process).
  13. They don't have more power, they have less. Their role is being taken over by the IIF. The article is full of misinformation.
  14. I agree in principle but in this instance laws have been created by TPTB to make open borders mandatory. National governments have no choice in the matter today. Also, with the extent of offshoring that has taken pace I'm not sure our terms of trade would improve with trade barriers; they may likely be worsened. Finally, our banksn are near 100% postured to service the fire economy. All they can do is gamble and sell financial products to the public (Tesco can probably do that bit better and cheaper). To reconfigure banks to service local production via relationship banking would probably take ten years or more, assuming this is what the government wanted which is not the case at the moment.
  15. Since 1980 western TPTB have made strenous efforts to ensure trade barriers are illegal and next to impossible. The odds of this happening are pretty low.
  16. Here's an alternative view for you to mull over. The prospect of currency crisis that would potentially lead to hyperinflation is not on the cards for now. The reason? CBs are coordinating their devaluation. This leaves no escape route for the value conscious saver and removes the old signal that currency depreciation used to provide. Hence the enormous printing that banks have engaged in willy nilly without consequence to date. The problem for the UK and US is that Europe is attempting to remove itself from this devaluation / inflation circle jerk to preserve what is left of its economy. Should it succeed, the pound and dollar will become extremely vulnerable to capital flight and potential hyperinflation as the world will suddenly have an alternative currency and signal: the euro. A lot of the pressure applied to Europe by the US and UK can be explained by this IMO as the consequences of a strong euro would be potentially catastrophic. China's currency is jobs, and the more western governments gut their economies with inflation the more jobs, productive capacity and know how move to China; European printing is all good to them too. Most of the EM countries either sell cheap tat or commodities to Europe and so would benefit too. The threat to all these national vested interests is a stronger Euro currency. That the undermining of European policy is made by predicting cataclismic outcomes for Europe muddies this issue a lot as the real threat is a stronger European economy. An alternative view that works quite well for me, FWIW.
  17. This really sounds like an attempt at completely rewirting history at a time when Europe is probably contemplating capital controls. It's not hard to know where it comes from, banks are the biggest supporters and beneficiaries of free capital flows and the havoc they wreck on a regular basis.
  18. Oh no it isn't. Trillions in pensions is managed by the smart money. To them, the materialisation of fear inducing risk is always completely unexpected. But it's other people's money after all. You lose some I win some.
  19. Wow. Yet more stresses, Belgium sees it can't afford to bailout Dexia, that Dexia is lost anyway at current 'high' interest rates and tries to get France to pay the bills. Sarkozy says 'Nein!' ... I mean, 'Non'. Need ... more ... popcorn. http://www.zerohedge.com/news/dexia-bailout-verge-collapse-threatens-take-france-aaa-rating-down-it
  20. I've been trying to interpret events in the context of a conflict between the CB and the banks (and their political minions) and it fits pretty well. A more honourable man would have fallen on his sword but I think Merv has, with little success, been trying to bring back some control tot he banking system. He's obviously failed and now the banks have won the end of the CB's independence. Check mate for the out of control inflationists.
  21. They've been pretty consistent from the beginning. In a fixed currency environment, if one country can't follow a certain discpline you have what is basically a problem that requires a political solution. In effect rules that enable the immediate replacement of the irresponsible government by one that is able and willing to control its finances.
  22. No Austrian thread that I know of yet so this one is the best I can think of, Anschluss and all that... An austrian loan ad: Edit: courtesy of Zero Hedge.
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